Naples home sales surged in the first quarter of 2010

The May 2010 Downing-Frye newsletter has been released. There’s alot of good information in here that shows positive signs in the Naples real estate market.

May 2010 – There are no signs of a seasonal slowdown in the Naples area, as home sales surged in the first quarter of 2010 according to a report released by the Naples Area Board of REALTORS® (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island).
In the $1 million to $2 million price segment, the number of pending sales doubled with 146 contracts in the first quarter of 2010 compared to 73 contracts in the same quarter a year ago. The average days a property was on the market decreased 10 percent in this price segment in the first quarter of 2010. Condominiums are leading the market improvement as overall pending sales increased 75 percent in the first quarter of 2010 to 1,679 contracts compared to 957 contracts in the first quarter of 2009. Condo closed sales in the $500,000 to $1 million price range increased to 96 closed sales in the first quarter of 2010 compared to 48 closed sales in the first quarter of 2009.
Overall pending sales saw a 55 percent increase, with 3,346 contracts in the first quarter of 2010 compared to 2,160 contracts in the first quarter of 2009. Overall closed home sales under $300,000 increased 40 percent with 1,393 sales in the first quarter of 2010 compared to 992 closed sales in the first quarter of 2009. Single-family pending sales increased 39 percent with 1,667 contracts in the first quarter of 2010 compared to 1,203 contracts in the first quarter of 2009.
The available inventory decreased 15 percent to 9,557 properties in the first quarter of 2010 compared to 11, 211 properties in the same quarter a year ago.
According to Mike Hughes, Vice-President of Downing-Frye Realty, Inc., “Our transactions for April 2010 were up 70% over last April. We’ve already closed over 1,000 transactions this year. Buyers have recognized the values and are jumping on board. If there was ever a time to secure a great location at a great price, this is it, and apparently the word is out.”

Source: Naples Area Board of REALTORS®

If need more information on the Naples real estate market, please don’t hesitate to contact Ruth Bethem, Broker-Associate toll-free at 877-777-7545 or email her directly at ruth@ruthbethem.com.